The Board of Directors at Airgas has announced a quarterly dividend on the company’s common stock of 25 cents per share. Payments will be made on 31st December 2010 to shareholders of record as of 15th December 2010.
Sceptics’ interest might be piqued by this recent announcement as the timing is fortuitous. Only at the end of last week, Air Products extended the expiry date on its revised offer to buy outstanding Airgas shares for $65.50 each. Air Products had originally offered an expiry date of 29th October 2010, but extended this to 3rd December 2010.
Air Products’ Board of Directors has spent recent months attempting to purchase Airgas. However, Airgas remains adamant that the existing tender offer, ‘grossly undervalues’ the company.
The company’s release of cash dividends will perhaps encourage some Airgas shareholders to hold onto their assets slightly longer in order to appreciate the New Year dividend.